A performance analysis of a synchronous reluctance motor (SynRM) drive, operating under different fault conditions, with a three-level NPC inverter, controlled by a seven-segment Space Vector Modulation (SVM) technique, is presented in this paper. Considering the voltage source inverter, open-circuit faults of different types are introduced and their effects are studied regarding the SynRM and the inverter performance evaluation. The healthy and faulty operating conditions comparison will take into account the evaluation of some variables, such as the motor power factor, electromagnetic torque, efficiency, total waveform distortion values, currents RMS values, and total waveform oscillation values, obtained from simulation results.